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Yellen 'honoured' by US Federal Reserve nomination

9 October 2013 Last updated at 21:23 BST

Janet Yellen, who has been nominated by President Obama to head the Federal Reserve, said she was honoured and humbled at the faith he had placed in her.

Ms Yellen said if confirmed by the Senate, she would do her utmost "to promote maximum employment, stable prices and a strong and stable financial system".

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